As mortgage rates fall slightly, borrowers look to refinance

May 14, 2014

FORTUNE -- Applications for U.S. home mortgages rose last week as interest rates dropped slightly, an industry group said Wednesday.

The average number of overall mortgage applications increased by 3.6% last week from the previous week, driven partly by borrowers looking to refinance, according to data from the Mortgage Bankers Association.

Purchase applications rose slightly last week by almost 1%, unadjusted, but were 12% lower from a year ago.

Interest rates declined for most types of loans. The average rate for 30-year and 15-year, fixed-rate mortgages, including those backed by the Federal Housing Administration, fell to their lowest level since November. Here's a look at the cost of home loans, all changes are from the week prior:

  • 30-year, fixed-rate mortgages fell to 4.39% from 4.43%
  • Jumbo-loan rates for a 30-year, fixed-rate mortgage was unchanged at 4.29%
  • FHA-backed 30-year, fixed-rate mortgages dropped to 4.09% from 4.13%
  • 15-year, fixed-rate mortgages slid to 3.48% from 3.52%
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